Lead Based Paint.......
Has anyone bought a property with LBP? How much does it cost to rehab? Is it worth it?
Thanks in advance.
Has anyone bought a property with LBP? How much does it cost to rehab? Is it worth it?
Thanks in advance.
Call the city building inspector office and talk to them about their requirements for LBP and what they recommend. Sometimes they even have programs to help you out.
Good luck,
Christian "The Solutions Kid" Beebe
[addsig]
I think the requirements vary depending on where you live. I checked with our local health department, and after several tranfers, I ended up with a lady who specialized in advising people on how to handle lead paint and other hazards. She looked at one of my properties and told me what I would have to do to get a certification from her that the property was safe. She advised against removing the lead paint. Basically I was told that I should'nt have any peeling paint ,although there were some other requirements. I decided against going the whole route that she suggested to get certified. She mentioned that she had testified in a case where someone was sued because they said the elevated lead levels in their child were from paint in the house. She said that the plantiff lost because there was no way they could prove that the lead came from that particular house and not from another house or the other multitude of places you can get lead poisoning. She said that I probably should not worry about a lawsuit unless I was grossly neglecting my properties. After all, not only are there millions of homes with lead paint, but probably every lawmaker in Washington was raised in a house with lead paint.
The EPA has an online hand book called the Lead Based Paint Renovation Education Rule. I have not had time to read it, but most of what I have found basically says Its best not to remove unless have to. Can't post urls pm me If you want I'll send it to you.
I have two friends who are facing million dollar law suits due to some homes they owned back in the 80s that had/have lead based paint. One of them is being held harmless because he is helping the insurance company by testifying for them. The other one is high and dry if the court finds for the victim.
They owned them as a partnership and now face personal liability since they didn't even take the simple precautions of using a corporation.
I'll tack on one added bit of information. I was told by the same inspector that after the failed lawsuit ,the lawyers have given up going after the big real estate owners in my state. She said that some lawyers are still threatening small property owners because they know that these small guys either don't have the money to fight or just get scared. The end result was that small property owners often settle out of court and the lawyer gets an easy $25k or so.
Although I think some type of corporation, LLC or whatever is a good idea, I have received mixed advise on how well they work. I have been told that I am personally liable if I'm negligent ,whether or not I have a corporation but for some reason my lawyer still recommends a LLC and good liability. I guess everything you can do helps.[ Edited by davmille on Date 11/11/2003 ]
davmille
What state are you in?
Mike
North Carolina